Infleqtion Appoints Non-Independent Director Nicholas Johnson, Tied to Advisory Agreement

summarizeSummary

Infleqtion appointed Nicholas Johnson as a non-independent director, whose firm, M. Klein & Company, receives significant advisory fees from the company under a pre-existing agreement.

check_boxKey Events

• New Director Appointed

  Nicholas Johnson was appointed as a Class III director, with his term expiring in 2029. This appointment was made pursuant to the company's merger agreement.

• Non-Independent Status

  Mr. Johnson is considered a non-independent director due to his role as Managing Director of M. Klein & Company, which has an advisory agreement with Infleqtion.

• Advisory Agreement Details

  M. Klein & Company receives $250,000 per quarter for financial advisory, strategy, business development, and investor relations services. They are also eligible for 5% of underwriting fees and 3% of gross proceeds on certain future financings if retained.

• No Director Compensation

  Mr. Johnson will not receive separate compensation under the company's Non-Employee Director Compensation Policy while the Advisory Agreement is in effect.

auto_awesomeAnalysis

Infleqtion appointed Nicholas Johnson as a Class III director. His appointment is linked to the SPAC merger agreement, where Churchill Sponsor X LLC had a designation right. Johnson is deemed non-independent due to his role at M. Klein & Company, which has an advisory agreement with Infleqtion, receiving quarterly fees and potential success fees on future financings. This highlights the ongoing influence of the SPAC sponsor's affiliates and the associated costs.